Analyst fears King Crypto will fall to $51,000

Bitcoin, Ethereum, Dogecoin in Total Collapse as Mt.Gox Moves $2.7 Billion to New Wallet: King Crypto Falls to $51K Feared by Analyst

The cryptocurrency market bled profusely on Thursday as investors shuddered at the movement of billions of Bitcoin (CRYPTOCURRENCY: BTC) before a likely liquidation.

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What happened: Bitcoin has fallen to the $57,000 zone, its lowest level since Feb. 28. Since the start of this week, the world’s largest digital asset has fallen 9.5%, nearly 21% below its all-time high recorded earlier this year.

The second largest cryptocurrency, Ethereum, also fell to a six-week lowerasing all the gains made since the excitement over ETF approvals in sight in mid-May.

The liquidations were precipitated by the movement of 47,228 Bitcoin, worth US$2.7 billionby a defunct cryptocurrency exchange Mount Gox from a cold wallet to a new wallet, possibly in preparation for payments to your creditors.

The drop forced the biggest wave of liquidations since mid-April, with $541.45 million worth of futures contracts wiped out in the past 24 hours. Long liquidations accounted for a whopping $472 million.

Bitcoin’s open interest has fallen by 7% over the past 24 hours. A drop in price, coupled with a drop in OI, is seen by some analysts as a good sign because they believe the downtrend will end once all long sellers have closed their positions.

Trending: 1 in 4 Americans owns a share of Bitcoin according to NASDAQ, How many people got started through this free cryptocurrency faucet?

The Cryptocurrency Fear and Greed Index flashed a “Fear” signal, suggesting investors were pessimistic about the market outlook. But such conditions also offer buying opportunities for bold dip buyers.

Biggest Losers (24 hours)

The global cryptocurrency market cap is $2.09 trillion, after a 6.06% drop in the last 24 hours.

Stock futures were trading flat Thursday night. Dow Jones Industrial Average Futures rose 0.08% as of 9 p.m. EDT. Futures linked to the S&P 500 Index gained 0.01%, while Nasdaq 100 Futures fell 0.03%.

Markets open Friday after the July 4 holiday. Investors now have their eyes on the release of June jobs data.

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View more: Best Cryptocurrency Scanners

Analyst Notes: Widely followed cryptocurrency analyst Ali Martinez sounded a bearish alarm, with more potential downside to follow for Bitcoin.

“Bitcoin closing below $57,000 could spell trouble, with potential support only at $51,000,” Martinez said.

“If BTC manages to break above this level, the next significant target is $78,700,” Martinez explained.

In a positive forecast, popular analyst Capital Rekt highlighted the possibility of King Crypto peaking in mid-September or mid-October 2025.

“The more Bitcoin consolidates after the Halving, the better it will be to synchronize this current cycle with the traditional halving cycle,” the trader opined.

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This article Bitcoin, Ethereum, Dogecoin in Total Collapse as Mt.Gox Moves $2.7 Billion to New Wallet: King Crypto Falls to $51K Feared by Analyst originally appeared on Benzinga.com

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